The Public Bored - Phase 2
中文翻译在这里 - Chinese Translation Here
TEAM DESCRIPTION:
My name is Eric, I serve as Co-Founder and CEO of The PublicBored along with Bhargav, my Co-Founder and CTO. We built the treasury transparency dashboard through AIP-267 on ApeCoin.com, and the governance dashboard on apecoingwg.com. We launched The Public Bored with support from AIP-383, and brought the concept to two major activations at prominent Web3 events, engaging thousands of participants. Our first activation featured a digital billboard truck at the ETH Denver Hackathon and our second activation was an indoor digital display located front and centre at the main entrance to NFC Lisbon.
I’m a repeat founder and operational leader. I developed an ERP software that helped me grow one of my prior companies from a solo venture to a team of 60, achieving over $6M ARR. I also produced a DAO podcast and a philanthropic mental health podcast.
Bhargav is a dynamic Web3 builder, repeat founder, and entrepreneur driven by a passion for the startup ecosystem. As the founding CTO of his former company, Performance IQ, his leadership and technical expertise propelled the platform to adopt over 20 million users before its successful acquisition by Battery Ventures.
MemeBrains: Twitter & Linktree
0xTheBossDragon: Twitter & Linktree
PROPOSAL DESCRIPTION:
Following the successful completion of AIP-383 deliverables, this Phase 2 proposal for The Public Bored seeks to expand our model and revolutionize the traditional billboard industry. Inspired by Times Square and now successfully tested at two major conferences, we plan to expand our innovative and scalable patent-pending model to cities worldwide, in the name of Ape. This proposal includes a 20% equity stake in the venture for the DAO, continues the revenue sharing royalty from AIP-383, provides free display space to the Ape ecosystem reaching millions of people, and also enables us to activate at four more major Web3 events over the next two years similar to what we recently did at ETH Denver and NFC Lisbon. Additionally, we aim to launch a Public Bored token on ApeChain, providing direct benefits to $APE hodlers. The worst case scenario of this AIP is we end up owning a reliable, revenue producing asset that brings continuous value to the DAO.
In addition to succeeding at ETH Denver and NFC Lisbon this year, The Public Bored ranked 1st out of thousands of applicants in the Founder Program run by prolific angel investor, Jason Calacanis. This provides us with critical support as we scale into a Series A funding round next year. This AIP provides ApeCoin DAO with early inclusion on all aspects of the venture in order to be positioned longer term for max benefits as the venture scales.
Our model reimagines the global digital billboard industry in the name of Ape. Just as AirBnB and Uber revolutionized the hospitality and taxi industries, The Public Bored aims to transform the digital billboard sector, and to include the ApeCoin DAO on the rewards.
Over the past several months we’ve tested The Public Bored model with thousands of participants across two major conferences, generated revenue, registered a provisional patent, researched prospective billboard locations, built relationships within the billboard industry, and navigated complex permitting processes through correspondence with various City Halls in major city centers. Additionally, our transparency and accountability reporting have significantly exceeded most other AIPs.
We envision a future where anyone can display messages or art on any digital billboard worldwide as easily as sending a Tweet. Short term we’ll acquire our first permanently located billboard as a home base of operations, then open our model as a network for other billboard owners to plug into. This AIP enables us to establish that home base of operations to then scale from.
For perspective; if even 10% of our average daily revenue from the past two events continued throughout a full month as recurring revenue, we would already have exceeded the outdoor billboard industry averages, making us highly attractive to venture funding and providing a viable path to broader scaling. This AIP enables us to acquire that first permanently located digital billboard from which we can launch our network model for other billboard owners, enabling us to reach millions of people worldwide through a profitable model, directly benefiting the DAO Treasury and $APE hodlers alike.
Thank you ApeCoin fam, for your unwavering support throughout our activations at ETH Denver and NFC Lisbon.
We launched this initiative with our own capital, made significant strides with support from AIP-383, and now it’s time for The Public Bored to fly with this Phase 2 proposal.
Timeline of Historic Events & Accountability Reporting:
- Original Forum Posting:
- Snapshot Vote
- First Progress update:
- Second Progress update:
- Third Progress update:
THE INDUSTRY
Origins and Growth
The outdoor billboard industry began in the mid-19th century, primarily with static billboards. This form of advertising has been a staple in the advertising world, providing high visibility and engaging millions of people daily. Over the past few decades, the industry has seen substantial growth, particularly with the advent of digital technology.
SIZE, GROWTH RATE & TRAJECTORY
Current Size and Growth Rate
As of 2024, there are approximately 9,600 digital billboards in the United States. The industry is experiencing robust growth. In 2021, the OOH (out-of-home) advertising industry saw an expenditure of $8.72 billion, with projections for 2024 reaching $10.5 billion (True Impact Media) (WorldMetrics). This rapid growth is driven by the increasing effectiveness and popularity of digital billboards, which offer dynamic content and greater flexibility compared to static billboards.
Conclusion
The digital billboard industry is ripe for innovation, with significant growth potential and a clear path for disruption. For companies like The Public Bored, this presents an opportunity to transform the industry by leveraging technology to create more efficient, accessible, and profitable solutions. The trend of converting static billboards to digital and the increasing adoption of dynamic advertising platforms underscore the potential for entrepreneurial ventures to make a substantial impact, similar to how AirBnB and Uber revolutionized their respective industries.
HOW DO WE MAKE MONEY
Our revenue model includes live on-demand rates, surge pricing (similar to Uber), and, with this Phase 2 AIP, monthly subscriptions and budgeting options (similar to Google Ads), converting our marketing efforts into recurring revenue.
Our initial AIP-383, launched earlier this year, involved thousands of participants and hundreds of paying customers as we tested our model, systems, marketing, and revenue generation processes. A key strength of our model is the organic marketing generated when customers share photos of their content on our screens, continuously expanding our reach.
The main financial limitation of AIP-383 was the inability to activate Monthly Recurring Revenue (MRR). This Phase 2 AIP establishes permanent billboard locations along highways and street-level areas to activate MRR, rather than relying solely on event activations. Activating MRR is essential for long-term sustainability and profitability.
OPPORTUNITY
Our innovative approach to the digital billboard industry presents an opportunity for substantial revenue growth. Similar to how AirBnB helps homeowners generate revenue through their properties, The Public Bored aims to encourage a global network where other billboard owners can increase their revenue as well.
Revenue Potential and Market Comparison:
- Industry Benchmark: In comparison, larger players in the outdoor digital billboard market generate approximately $0.01 per second, which supports their multi-billion dollar market cap valuations as publicly traded companies.
- MVP Activations: During our two MVP activations, we achieved a blended average revenue of over $0.10 per second, presenting a highly profitable, long-term scalable opportunity for the venture.
While it’s important to note that comparing our MVP activations at conferences to the broader and more traditional advertising locations, such as along highways and street level, is not a direct apples-to-apples comparison, our findings do offer promising insights.
Market Opportunities:
1. Higher Revenue Generation: Our ability to generate up to 10x more revenue per second than established competitors positions us for rapid growth and substantial market share acquisition.
2. Scalability: With our innovative model and proven MVP results, we can scale our operations across numerous locations, leveraging our technology to maximize efficiency and profitability.
3. Developing a Network: Demonstrating how we can increase revenue on digital billboards encourages other billboard owners to participate in our model by pointing their displays to our network. Similar to how a homeowner can plug into AirBnB to generate extra revenue, other billboard owners will be able to plug into The Public Bored to generate increased revenue as well. This enables us to grow the model at venture scale. Our aim is to establish a network with thousands of digital billboards all connected through The Public Bored model.
Multi-Billion Dollar Potential: The promising results from our MVP activations indicate that our approach could disrupt the traditional digital billboard market. By achieving significantly high revenues when measured on a per-second basis, we have the potential to surpass existing market leaders and capture a substantial portion of this multi-billion dollar market. This benefits our venture and presents a lucrative opportunity for the ApeCoin DAO, enhancing its value and impact within the industry.
GO TO MARKET STRATEGY
Our go-to-market strategy starts with acquiring our first permanent digital billboard in a high-traffic area, such as along a highway or at street level. We’ll offer free display spots to everyone in the city, generating viral buzz and excitement. From there, we upsell with on-demand rates, surge pricing, and monthly subscriptions.
To execute this effectively, we need full control of our initial billboard locations. This is best achieved through a dedicated lease, constructing a new billboard, or purchasing an existing one.
After securing our first permanent location, we’ll follow a phased approach to launch;
Phase 1: Initial Marketing and Engagement
We’ll offer one free display spot to every person, business, and community within the billboard’s area, generating virality across social media, similar to our success with AIP-383 at ETH Denver and NFC Lisbon. Our goal is to ensure a positive experience that encourages word-of-mouth promotion.
Phase 2: Targeting SMBs and Traditional Advertisers
Our next focus is on SMBs and traditional advertisers, building a strong foundation and activating MRR (monthly recurring revenue) for venture scalable growth.
Phase 3: Outreach to Other Billboard Owners
We’ll target other billboard owners, demonstrating how joining The Public Bored network can increase their revenue. By showcasing our model’s benefits, we aim to expand our reach and revenue potential.
Phase 4: Venture Scaling
We’ll scale our operations by expanding our network of third-party billboard owners across broader regions, allowing continuous growth without the need for purchasing or constructing new billboards.
AIP-383 SUMMARY & TAKEAWAYS
Testing Assumptions and Model Validation:
The most accessible way to test our assumptions and validate our business model was through the event activations we completed under AIP-383. These activations provided invaluable insights and demonstrated the potential of our approach within long-term settings.
Engagement and Reach:
- Ecosystem Engagement: Through these events, we successfully engaged thousands of participants within the ApeCoin ecosystem. Our digital billboard screens showcased a wide array of content, attracting diverse audiences and generating substantial interest.
- Social Media Campaigns: We carefully crafted our social media campaigns and outreach through A/B testing and analysis, and increased functionality of our platform quests. This enabled us to experience viral-like growth, with daily signups continuing automatically through our automated on-boarding pipeline.
- Metrics:
- Website visits: 10,000+
- New Account Creations: 2,200+
- Display Assets Uploaded: 2,800+
- Paid Upgrades: 250+
Strategic Insights:
- User Experience Optimization: The events provided critical data on user preferences and behaviors, enabling us to optimize our platform for improvement.
- Marketing and Outreach Strategies: The activations helped refine our marketing and outreach strategies, ensuring effective communication and engagement with target audiences.
- Revenue Model Validation: The events allowed us to test our revenue model, including on-demand and surge pricing, confirming their viability and attractiveness to participants.
Photo's & Highlights
The Public Bored received support from over a dozen sponsors and captured thousands of photographs of content uploaded to our screens by participants.
Key Achievements:
- Validation of User Interest: The high level of engagement and positive feedback from participants validated our assumption that there is significant interest in digital billboard interactions within a broad array of individuals and brands.
- Operational Feasibility: The execution of these events demonstrated the operational feasibility of our model and the capabilities of our early-stage team, including the logistics of content display, real-time interaction, sales funnel management, and customer support.
- Scalability Potential: The success of these initial activations highlighted the scalability potential of our model. By replicating this approach at permanently located billboards, we can achieve widespread adoption and growth.
Conclusion
The event activations under AIP-383 served as a crucial testing ground for our business model. By engaging thousands of people, capturing their content interactions, generating revenue, and driving traffic to the ApeCoin ecosystem, we validated our core assumptions and demonstrated the feasibility and scalability of our approach. These insights will guide our strategic planning and execution as we move forward.
1st place in Founder Program
The Public Bored secured 1st place out of thousands of applicants in the Founder Program led by angel investor and All-In Podcast host, Jason Calacanis (Twitter).
In January, we were one of 225 founding teams selected to join Cohort 7 of the Founder Program. During the 12-week program, we refined and optimized our business model. At the end, we pitched The Public Bored and were chosen as one of the top 20 companies to advance to the final round.
In the final round, we pitched directly to Jason Calacanis and his partner Mike Savino during a livestream, where Jason chose us as his top pick.
Full-length Livestream of the event:
https://www.youtube.com/watch?v=TdS9SsNF1fg 2
Timestamps:
- 39:43 - The Public Bored pitch
- 44:09 - Feedback by Jason Calacanis
Build with $APE
By promoting our “Build with $APE” page located in the main menu of The Public Bored website, we’re facilitating deeper integration into the ApeCoin ecosystem.
Out of 6,600+ website visits, over 500 people engaged with our Build with $APE page, achieving an 8% initial conversion, and we are currently in the process of helping onboard these individuals into the ApeCoin DAO.
We aim to reach millions as we expand this model.
Build with Ape Page here: Build with $APE - The Public Bored
LOCATIONS
Once our AIP is approved, our first step is to finalize the location of our pilot digital billboard and proceed with the launch. We have been actively engaging the North American market, joining the Independent Billboard Owners Association (IBO), and discussing with billboard brokers and permitting personnel in over a dozen potential cities.
PATENT PENDING
The Public Bored has obtained patent pending status for its innovative technology, filing a provisional patent prior to the NFC Lisbon event to safeguard methods for displaying content on public digital screens.
This step is vital for establishing a defensive position crucial for future scaling efforts with investors.
Securing a patent involves meticulous research and resources, with a provisional patent currently in place, granting a 12-month window for final submission. It may take up to 3 years to receive the official patent number. This marks the beginning of a transformative journey, ensuring sustained growth and reinforcing our unique approach to inclusive communication.
APECHAIN
We are excited to explore a unique approach in our billboard ownership model by integrating a Public Bored token on ApeChain. This token would allow holders to share in the rewards from our billboards.
This strategy will support our venture’s expansion and acquisition of more billboard locations. We’re also considering a model where token holders can participate in revenue sharing and/or decision-making such as governance of future billboards, aiming to decentralize digital billboards globally.
We have commenced appropriate legal and strategic advisory discussions regarding our ApeChain token launch strategy, tokenomics, go-to-market strategy, terms, details, and timeline.
Platforms & Technologies
Online Marketplace:
- Web-Based Portal: Our online marketplace, accessible via the publicbored.com website, will enable users to purchase ad space for billboards, events, and other digital displays. This portal will provide a seamless user experience for buying and managing ad space.
- Integrated Payment Options: Users will have multiple payment options, including APE, ETH, USDC, and credit cards, ensuring flexibility and convenience for all customers, including those unfamiliar with cryptocurrencies.
Mobile Application:
- User-Friendly Mobile App: We will develop a mobile app that mirrors the functionality of the web portal, allowing users to buy ad space, upload art, and manage their campaigns on the go. This app will enhance accessibility and user engagement.
- A/B Testing for UI: Continuous A/B testing will be conducted to optimize the user interface, ensuring an intuitive and efficient user experience.
Ad Algorithms:
- Supply/Demand Pricing Model: The marketplace will employ a dynamic pricing model where ad space rates fluctuate based on real-time supply and demand. This ensures that pricing remains competitive and reflective of current market conditions.
- Ad Impression Algorithm: Our advanced algorithm will prioritize ads based on the total budget and other preferences selected by the user. This algorithm ensures that the most relevant ads are displayed at optimal times, maximizing impact and engagement.
Billboard Display Software:
- Integration with Existing Billboards: Our display software will seamlessly connect with existing digital billboards, allowing for the efficient display of ads according to the ad impression algorithm. This ensures that the right ads are shown at the right times, optimizing visibility and effectiveness.
Enhanced User Engagement Features:
- Automated Quests for Social Farming: Users can participate in automated quests designed to encourage social media sharing and engagement, thereby increasing the reach and effectiveness of their ads.
- Automated Content Capture: The system will automatically capture and send photos of users’ content when displayed, enhancing the customer experience and encouraging social sharing.
- Live Viewing of Display Rotations: Users can view live rotations of all displayed content, providing transparency and real-time insights into ad performance.
- Boosting Ad Exposure: Users can increase the exposure of their or others’ ads by topping up their ad budget, offering a collaborative and dynamic advertising environment.
- Instant Override Feature: A prominent “Live Now” button will allow users to override existing content instantly, providing immediate screen access within seconds for urgent or high-priority messages.
WORST CASE SCENARIO
Owning digital billboards is a profitable endeavor, with larger players in the space owning hundreds of thousands of billboards, with their total market caps exceeding $10 Billion.
Should our model fail to succeed, our general worst-case scenario is that we would own a valuable, revenue-producing asset in the traditional billboard market which will continue to self-sustain and generate revenue for the DAO treasury.
BENEFIT TO APECOIN ECOSYSTEM:
Equity and Investment Terms:
- The ApeCoin ecosystem will receive a 20% equity stake in the venture.
Ongoing Royalties
- The ongoing royalty of 1% revenue sharing promised within AIP-383 will continue forward through this Phase 2 AIP as well.
ApeChain
- The Public Bored token will launch on ApeChain with direct benefit to $APE hodlers.
Free Display Space:
- A portion of display space will be reserved exclusively for the ApeCoin DAO and our network of partners, including $APE hodlers, BAYC/MAYC, Mocaverse, JRNY Club, Otherside, Surreal Guild, Made by Apes brands, Elite Apes, Bored Canada, French Apes, UK Apes, Bulls on the Block, and all ApeCoin Delegates.
Referral Rewards:
- A 10% reward will be given to each $APE holder for all referrals who purchase display time on our digital billboards.
Pay with $APE incentives:
- Bonus display time will be provided to anyone paying in $APE.
Ecosystem Recruitment:
- The Build with $APE page on our website with its corresponding Guide for new AIP authors will be expanded upon, encouraging and helping new builders to join the ApeCoin community.
Definitions
Some items in this AIP may be new to the ApeCoin DAO. We are committed to working cooperatively with the Foundation’s legal team to address these details if the AIP is approved.
We suggest utilizing an industry-standard SAFE agreement for the equity portion of this proposal, however we will remain cooperative to the Foundations preferences on all finer points.
We will also adhere to appropriate legal counsel on structuring the necessary entities for billboard ownership, scaling the tech initiative, token aspects, and funding through this AIP.
STEPS TO IMPLEMENT:
There are no expectations from the Foundation for this AIP.
This AIP would be considered as fully implemented once we have completed the Steps to Implementation outlined below, of having purchased physical digital billboards, established sustainable recurring revenue, and created a network model for other billboard owners to join.
COMPLETED - Q1 & Q2 2024: Initial Development and Activation
- MVP Technology Development: Focus on developing the MVP (Minimum Viable Product) for our platform, including the online marketplace and initial versions of content display algorithms.
- AIP-383 Activations x2:
- ETH Denver: Execute our activation plan, showcasing our technology and engaging with the community.
- NFC Lisbon: Follow a similar activation strategy and implement all lessons learned resulting in a more robust platform and smoother user experience.
- Market Research & Strategic Planning: Conduct thorough market research, including an analysis of permitting processes and strategic planning for future expansions.
- Recognition & Proposal Drafting:
- Founder Program: Achieved 1st place, gaining recognition and support.
- Drafting of Phase 2 Proposal: Develop a comprehensive proposal for Phase 2, incorporating insights gained from initial activations.
Q3 & Q4 2024: First Permanent Location
- KPIs
- Acquisition of First Billbored: Secure one or more good locations for our first permanently located digital billboreds either through acquisition or new construction. We may be able to acquire more than one location depending on a number of variables.
- Technology Enhancements: Implement enhancements to our technology platform and launch our mobile app.
- Event Activation #3: Plan and execute an additional event activation similar to how we did at ETH Denver and NFC Lisbon. Considering ApeFest Lisbon or WebX Japan. Location selection will include community and ApeCoin Working Group input like we did successfully at NFC Lisbon.
- Personnel: Hire and train an effective team of up to 5 social media personnel, including one in a leadership role, to execute the marketing strategy we developed and implemented successfully at ETH Denver and NFC Lisbon earlier this year. This team will be dedicated to engaging an entire city in our marketing program and to at least double participation at our next event activation.
- Costs
- First Billbored Purchase - Up to $1.7M: Costs could come in less depending on critical factors including location, size, and age of the billbored.
- Event Activation #3 - Up to $50k: Includes screen leases, marketing, team costs, technology tweaks, travel, swag, promos and more.
- Operational Costs - Up to $48k: Internal team costs for coordination of all venture efforts, billbored acquisitions, event activations, team leadership, successful delivery of KPIs, legal & accounting coordination, and more.
- Technology Development - Up to $36k: For internal team costs relating to technology development such as front end, back end, mobile app, A/B testing processes, sales funnel automation, and more.
- Team Staffing - Up to $35k: Costs could come in less depending on final salary negotiations, quantity of staffing, and timing of the hiring. Staffing from our previous two AIP-383 activation will continue forward with this Phase 2 proposal.
- Marketing - Up to $5k: Marketing costs include promotional videos, graphics, and other similar work.
- Misc - Up to $5k: For miscellaneous and/or unforeseen expenditures.
Q1 & Q2 2025: Initial Launch and Expansion
- KPIs
- Officially Launch First Billbored: Officially launch our first permanent digital billboard location and commence engaging the city which it is located within.
- 100,000 Users: Grow our registered user base to 6-digits in size.
- $250k+ ARR: Represented as establishing $21k in monthly recurring revenue.
- Event Activation #4
- Token Launch: Launch the Public Bored token on ApeChain.
- Costs
- Operational Costs - $60k
- Event Activation #4 - $50k
- Technology Development - $42k
- Team Staffing - $39k
- Marketing - $25k
- Misc - $10k
Q3 & Q4 2025: Scaling and Growth
- KPIs
- Growth Initiatives: Scale operations, optimizing our technology with critical user feedback, and expanding our reach.
- 250,000 Users
- $1M+ ARR: $84k in monthly recurring revenue.
- Event Activation #5
- Venture Funding: Raise our Series A funding round.
- Costs
- Operational Costs - $60k
- Event Activation #5 - $50k
- Technology Development - $42k
- Team Staffing - $39k
- Marketing - $25k
- Misc - $10k
Q1 & Q2 2026: Continued Scaling
- KPIs
- Growth Initiatives: Establish our AirBNB inspired model for onboarding other billbored owners into our network.
- 1,000,000 Customers: Grow our customer base to 6-digits in size.
- $3M+ ARR: Represented as establishing $250k in monthly recurring revenue.
- Event Activation #6: Plan and execute an additional event activation with community and ApeCoin Working Group input.
- Venture Funding: Raise our Series A funding round.
- Costs
- Operational Costs - $100k
- Technology Development - $75k
- Event Activation #6 - $50k
- Team Staffing - $75k
- Marketing - $50k
- Misc - $19k
REPORTING EXPECTATIONS:
Our reporting deliverables for AIP-383 significantly exceeded most prior AIP authors. We aim to lead by example. You will see a minimum of 10 updates per year.
OVERALL COST:
Total amount requested from the ApeCoin Ecosystem Fund = $2.7M paid in $APE
Two-Year Budget Allocations as follows:
Acquisition of Digital Billboards: $1.7M
- Secure up to four permanently located digital billboards through acquisition or new construction.
Core Team Staffing and Related Expenses: $350k
- Build a lean yet effective core team, adhering to LEAN and AGILE principles.
Marketing & Sales: $200k
- Drive engagement and user growth to meet our customer adaption and monthly recurring revenue targets.
Four Event Activations: $200k
- Host four more major events similar to the ETH Denver and NFC Lisbon activations we successfully completed earlier this year.
Technology Development: $150k
- Enhance and innovate the platform’s technology including the launch of our mobile app.
Legal, Accounting & Professional Fees: $100k
- Ensure legal and financial compliance.
NOTE:
The Associated costs of each step are variable in nature of negotiations and billboard locations and staffing details.
Conclusion
This budget ensures the strategic allocation of resources to maximize impact and efficiency. By focusing on key areas such as our first acquisition(s), staffing, marketing, events, technology development, and professional fees, we aim to build a robust and scalable platform that drives engagement and growth within the ApeCoin ecosystem.
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